Airdrie House & Home: Airdrie’s quarterly housing market review

There’s been a drop in total sales in all markets in Airdrie during this first quarter of 2023.

There’s been a drop in total sales in all markets in Airdrie during this first quarter of 2023.

“While higher lending rates are impacting sales activity, there is a stronger pullback in new listings, keeping supply levels low and supporting some stronger than expected monthly price gains in the Calgary area,” said CREB Chief Economist Ann-Marie Lurie. “However in Airdrie the benchmark price of $487,200 is below the peak price of $510,700 in April 2022.”

Overall, the Airdrie market is still healthy for those selling.

The start of this year has total inventory levels up 18 per cent to 158, sales down 58 per cent to 184 total units, months of supply is 1.71 months – still a strong seller’s market for all of Airdrie’s residential market and average price is down 9.8 per cent. A seller’s market is defined when inventory is less than two months.

Single-family detached homes 2023 YTD are down 69 per cent with 86 sales, compared to last year of 276 sales. This puts the detached homes for 2023 in a balanced market with 2.4 months of inventory. The average price is $577,530, down 2.3 per cent from last year ($591,070). Days-on-Market (DOM) increased to 33 days, from 12 days in 2022.

Semi-detached (attached style) home sales prices YTD are down 43 per cent with 21 sales (37 in 2022). Attached homes are also in a balanced market with 2.15 months of inventory. The average price of attached homes sits at $434,948 up 4.9 per cent from last year YTD.

Townhouse sales have had a decrease of 45 per cent, with 50 sales YTD, compared to last year’s 91 sales. Townhouses are still in a seller’s market with .93 months of supply. The average townhouse price YTD is $349,058, up 5.4{b5e4caabb46945dac267f6fa1789e0b2b1831cce91f79b27f72a0de22e4bb018} from last year $330,914.

Apartment condominium sales are down 10 per cent YTD for 2023 with 27 sales, compared to 2022 at 30 sales. This market is doing well in Airdrie, leaving the apartment market in a seller’s market with .75 months of inventory (remembering 2016, with over 14 months of inventory). The average YTD sale price is $208,678, which is up 14.3 per cent from last year ($187,873).

New home builds for 2022-year-end in Airdrie decreased significantly to 621, down from 2021 of 1118 units, 2020’s 486 new builds, 768 new builds in 2019 and 701 in 2018. New communities to join Airdrie are Cobblestone Creek, Wildflower, Dry Creek Bay, Southwinds, and Bayview.

There were eight homes sold over $1 million last year on MLS in Bayside and Coopers, and currently two in Coopers for sale in that price range.

Gary Lock is a local REALTOR® with CIR Realty and has lived in Airdrie for the past 38 years.